MMKT vs. GMMF

Last updated Aug 4, 2026

MMKT (Texas Capital Government Money Market ETF) and GMMF (iShares Government Money Market ETF) are both Money Market funds. Both are actively managed. Over the past year, MMKT returned 3.72% vs 3.73% for GMMF. Their 0.14 correlation means their historical movements had little consistent relationship. Both charge a 0.20% expense ratio.

Performance

MMKT vs. GMMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Government Money Market ETF (MMKT) and iShares Government Money Market ETF (GMMF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with MMKT at 2.05% and GMMF at 2.05%.

MMKT

• 1D: 0.02%
• 1M: 0.30%
• 6M: 1.75%
• YTD: 2.05%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.01%

GMMF

• 1D: 0.01%
• 1M: 0.29%
• 6M: 1.72%
• YTD: 2.05%
• 1Y: 3.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.88%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GMMF iShares Government Money Market ETF	$1.78M	$2.09M	$3.24M
MMKT Texas Capital Government Money Market ETF	$508.57K	$519.13K	$740.73K

MMKT vs. GMMF - Yearly Performance Comparison

	2026 (YTD)	2025
MMKT Texas Capital Government Money Market ETF	2.05%	3.75%
GMMF iShares Government Money Market ETF	2.05%	3.70%

Correlation

The correlation between MMKT and GMMF is 0.15, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.15
Correlation (All Time) Calculated using the full available price history since Feb 5, 2025	0.14

Return for Risk

MMKT vs. GMMF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MMKT

MMKT Risk / Return Rank: 100
MMKT Sharpe Ratio Rank: 100
MMKT Sortino Ratio Rank: 100
MMKT Omega Ratio Rank: 100
MMKT Calmar Ratio Rank: 100
MMKT Martin Ratio Rank: 100

GMMF

GMMF Risk / Return Rank: 100
GMMF Sharpe Ratio Rank: 100
GMMF Sortino Ratio Rank: 100
GMMF Omega Ratio Rank: 100
GMMF Calmar Ratio Rank: 100
GMMF Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MMKT vs. GMMF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Government Money Market ETF (MMKT) and iShares Government Money Market ETF (GMMF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	MMKT	GMMF	Difference
Sharpe ratio: Return per unit of total volatility	17.13	18.78	-1.65
Sortino ratio: Return per unit of downside risk	65.58	138.68	-73.09
Omega ratio: Gain probability vs. loss probability	17.69	40.34	-22.65
Calmar ratio: Return relative to maximum drawdown	149.89	250.39	-100.49
Martin ratio: Return relative to average drawdown	940.27	2,203.33	-1,263.05

MMKT vs. GMMF - Sharpe Ratio Comparison

The current MMKT Sharpe Ratio is 17.13, which is comparable to the GMMF Sharpe Ratio of 18.78. The chart below compares the historical Sharpe Ratios of MMKT and GMMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MMKT vs. GMMF - Drawdown Comparison

The maximum MMKT drawdown since its inception was -0.04%, which is greater than GMMF's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for MMKT and GMMF.

Drawdown Indicators

	MMKT	GMMF	Difference
Max Drawdown Largest peak-to-trough decline	-0.04%	-0.03%	-0.01%
Max Drawdown (1Y) Largest decline over 1 year	-0.02%	-0.01%	-0.01%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	0.00%	0.00%	0.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.00%	0.00%

Volatility

MMKT vs. GMMF - Volatility Comparison

Texas Capital Government Money Market ETF (MMKT) has a higher volatility of 0.06% compared to iShares Government Money Market ETF (GMMF) at 0.05%. This indicates that MMKT's price experiences larger fluctuations and is considered to be riskier than GMMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMKT	GMMF	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.06%	0.05%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	0.13%	0.13%	0.00%
Volatility (1Y) Calculated over the trailing 1-year period	0.22%	0.20%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.23%	0.24%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.23%	0.24%	-0.01%

MMKT vs. GMMF - Expense Ratio Comparison

Both MMKT and GMMF have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

MMKT vs. GMMF - Dividend Comparison

MMKT's dividend yield for the trailing twelve months is around 3.65%, more than GMMF's 3.54% yield.

Position	TTM	2025	2024
GMMF iShares Government Money Market ETF	3.54%	3.45%	0.00%
MMKT Texas Capital Government Money Market ETF	3.65%	3.98%	1.07%

Frequently Asked Questions

Can I hold both MMKT and GMMF in my portfolio?

MMKT and GMMF have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MMKT or GMMF?

MMKT has higher volatility (0.06%) compared to GMMF (0.05%). In terms of maximum drawdown, MMKT dropped -0.04% vs GMMF's -0.03%.

Which ETF is better, MMKT or GMMF?

On 1-year performance, GMMF leads with 3.73% vs 3.72% for MMKT. Both ETFs have the same 0.20% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MMKT or GMMF?

Over the 1-year period, GMMF has performed better with a 3.73% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MMKT or GMMF?

MMKT and GMMF have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, MMKT or GMMF?

MMKT has the higher dividend yield at 3.65%, compared with 3.54% for GMMF.

What is the main difference between MMKT and GMMF?

They also come from different issuers: Texas Capital and iShares.

Which has better risk-adjusted returns?

GMMF currently has the higher Sharpe Ratio (18.78 vs 17.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.